ABSTRACT
India is turning inward. Domestic demand is assuming primacy over export orientation and trade restrictions are increasing, reversing a 3-decade trend. This shift is based on three misconceptions, which we dispel: that India's domestic market size is big, India's growth has been based on domestic not export markets, and export prospects are dim because the world is deglobalizing. In fact, India still enjoys large export opportunities, especially in labor-intensive sectors such as clothing and footwear. But exploiting these opportunities requires more openness and more global integration. Abandoning export orientation is thus akin to killing the goose that lays golden eggs. Indeed, given constraints on public, corporate and household balance sheets, abandoning export orientation is akin to killing the only goose that can lay eggs. © 2023, The Author(s) under exclusive licence to Editorial Office, Indian Economic Review.
ABSTRACT
Nach der Coronapandemie wird die deutsche Wirtschaft durch den Angriffskrieg Russlands auf die Ukraine von einem weiteren exogenen Schock getroffen. Neben gestörten Lieferketten, fehlenden Rohstoffen und Fachkräften kommen nun Energieknappheit und Inflation hinzu und belasten die deutsche Wirtschaft stark. Die Unsicherheiten bei den Unternehmen nehmen weiter zu. Die Autor:innen des Zeitgesprächs diskutieren, ob die deutsche Industrie von einer Deindustrialisierung bedroht ist und welche Möglichkeiten es gibt, diese Krise möglichst gut zu überwinden.Alternate :After the corona pandemic, the German economy is now being hit by another exogenous shock due to Russia's war of aggression on Ukraine. In addition to disrupted supply chains, a lack of raw materials and skilled labour, energy shortages and inflation are now adding to the strain on the German economy. The uncertainties among companies continue to grow. The authors of the Zeitgespräch discuss whether German industry is threatened by deindustrialisation and what possibilities there are to overcome this crisis as well as possible.